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Issues raised by KPMG: (Certain customers’ confirmation relating to sales transactions, trade receivables and material on site balances)

KPMG had sent out confirmations on the aforesaid balance where only 1 reply out of
12 customers was received by KPMG.
 
- In order to hasten the process, the Company had subsequently sent a second confirmation to the remaining 11 customers with same amount as in our first confirmation to the relevant debtors of which all have replied.
 
- Based on the meeting dated 3 May 2021, KPMG has yet to test the completeness and
 
- is not able to verify the authenticity of the confirmations identified nor validate the person signing the confirmation.
 
In respect to the 11 confirmations received which KPMG as stated above accounted for
total sales transactions of RM2.32 billion (Nearly 2 quarter revenue) , trade receivables balance of RM652 million
and materials on site balance of RM569 millions.
 
Issues raised by KPMG:  (Certain transactions on purchases and trade payables balances on local supplier)
- 2 local suppliers were incorporated on the same day
 
- 4 local suppliers were found to have the same registered address as the 2 local
suppliers above
 
- 5 suppliers out of the 6 suppliers were noted to have paid-up capital of RM100,000
each where each supplier is owned by an individual shareholder despite having
transactions which ranges between RM60 million to RM96 million.
 
MACC should look it to its contract (if any), how come the suppliers with RM 100K  paid-up capital could be the main supplier of the company ? what is the criteria for selecting a supplier? does it involve corruption on Serba Dinamik's officers ? 
 
Pursuat to Sec 277 (3) of the Companies act 2016  - The auditor may make a representation in writing 
 
KPMG Shall make the statement, whether alternative test have been done ?  does it sufficient to make the conclusion the financial statement are free from material mistatement? if there is possible of cooking the book, Please do not hesitate to report to relevant authority.
 
Bursa & SC will play important role on this, if found the company cook it financial statement, heavy penalty should be imposed on the officer!
 
We hereby request  EPF & KWAP vote against REMOVE AUDITOR -KPGM
 
We as a EPF member, we deserve a truth !!!
 
Regards,
 
EPF Member
 
 
If you are a EPF contributor, write a comment below to support EPF to vote against REMOVE AUDITOR -KPGM
 


https://klse.i3investor.com/blogs/Terminator/2021-06-01-story-h1565984772-SERBA_Does_KPMG_detect_a_fraud_Manipulation_Falsification_in_Serba_Dina.jsp

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